A2 milk market Expected to Reach $3.6 billion by 2027—Allied Market Research, page-47

No, I have had this discussion with another user, minimoke, who had thought the way you do. I proved him wrong.

The only people consuming cans of formulas are babies, you need to remember that.

I am not too sure how to explain it in a way that is simple enough for people to understand.

Virtually all of A2M's customers are city dwellers, because that is where all the middle to upper income cohorts live.

The amount of babies that are born each year in cities are stagnating if not dramatically declining. Correspondingly, A2M potential customer number is actually declining year on year.

The only reason why the numbers of population of cities in China are not declining is because of urbanisation and not because of births.